For the Best Interest Rates, Try Online Banking

These days, it can seem hard to find any banks that have products (such as savings accounts or CDs) that pay a decent amount of interest.

However, the "best kept secret" is to check out online banks. These banks have reduced costs because they avoid bricks and mortar branches, employees, and ATM networks.

With less overhead and legacy costs, they are able to offer high interest savings accounts that pay more than the average bank.

You may be wondering - are online banks safe? The answer is yes because they are regulated just like any other bank and any federal deposit insurance applies to them as well as bricks and mortar banks.

Also, many online banks are actually owned by traditional brick and mortar banks. For example, the online bank RaboDirect is owned by Rabobank Australia, which was started in 1898.